The ratings agency lowered Academy’s corporate debt rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD citing elevated financial risk due to the highly promotional athletic apparel market and weak demand for firearms and ammunition. It also downgraded the debt rating on Academy’s $1.825 billion senior secured term loan that comes due in 2022, which has a $1.689 billion outstanding balance, to B3 from B2. Earnings will improve in H2 it said, with the ongoing headwinds in the sporting goods industry working against the retailer’s cost saving initiatives and improvements in its private label ... Log in to view full article.